FM Nirmala Sitharaman Budget Announcement for Education Live Updates: Nirmala Sitharaman, finance minister, is scheduled to present the Interim Budget today, February 1, at 11 am. This budget will outline the government’s plans for the remainder of its term, as a comprehensive budget can only be presented after the Lok Sabha elections in 2024, following the formation of a new government.
In anticipation of the Interim Budget 2024, education stakeholders have expressed their expectations for the sector to the Finance Ministry. In the fiscal year 2023-24, the Education Ministry received its highest-ever allocation, with the combined outlay of its two departments totaling Rs 1,12,898.97 crore.
Stay tuned to this live blog for all the significant updates from Finance Minister Nirmala Sitharaman’s budget speech, including allocations to the Education Ministry.
FM Nirmala Sitharaman Budget Announcement for Education Live Updates:The finance minister has claimed that 43% of enrolled students in STEM courses are women.
PM Shri schools created for rising India. Under skill India mission 1.4 crore youth have been skilled. 54 lakh youth reskilled. 3,000 institutions were opened. 7 new IIT’s. 16 new IIT’s. 7 IIM’s. 390 universities.
FM Nirmala Sitharaman Budget Announcement for Education Live Updates: The pre-election Budget has been approved by the Union Cabinet, under the leadership of Prime Minister Narendra Modi, as reported by PTI.
FM Nirmala Sitharaman Budget Announcement for Education Live Updates: As the Finance Minister and her team concluded all formal procedures for presenting the budget in Parliament today, copies of the Union Budget were delivered to Parliament this morning.
FM Nirmala Sitharaman Budget Announcement for Education Live Updates: The education sector experienced a significant upswing in the latest budget, marked by its highest-ever allocation. Anticipations for the current year revolve around further advancements, aiming to address skill development, boost employment, and foster entrepreneurship.
To combat challenges like skill disparity, there’s a call for the government to maintain its emphasis on youth education by expanding vocational training institutes, enhancing technical and IT skill development, and improving analytical capabilities. This investment is projected to drive up employment rates, narrow income gaps, and stimulate overall economic expansion. Forward-looking educational strategies, coupled with collaborative endeavours between industry and academia, are deemed imperative for optimising the impact of budgetary allocations.
-Rajita Kulkarni – president, Sri Sri University.
Education Budget 2024: Last year, the budget allocation for the Education Ministry increased marginally by eight percent, rising from Rs 1.04 lakh crore in 2022-23 to Rs 1.12 lakh crore.
Education Budget 2024: The government’s investment in AI must be amplified, with a focused approach on exploring new research frontiers such as quantum computing, digital nudges for social good, Explainable AI (XAI), Gen Chem, Computational Biology, and smart and connected cities. Allocating resources to these domains holds the key to unlocking transformative possibilities.
Quantum computing in AI has the potential to revolutionise computing power, while digital nudges can leverage AI for positive societal impacts. Explainable AI ensures transparency and trust, crucial for widespread adoption and acceptance. Gen Chem and Computational Biology present opportunities for breakthroughs in healthcare and agriculture, impacting lives and enhancing productivity. Lastly, investments in smart and connected cities can drive efficiency, sustainability, and improve the quality of urban living.
By prioritising these research areas, the government can propel India‘s AI and tech sector forward, fostering innovation, driving economic growth, and addressing critical societal challenges.
-Lovi Raj Gupta, pro vice-chancellor, LPU.
Education Budget 2024: Incentivising universities based on performance is crucial for fostering excellence in both government and private sectors. Moreover, there is an urgent need for incentivisation to drive technology penetration in higher education, thereby boosting research investments. Currently, India invests only around 0.65 to 0.7% of GDP in research, highlighting the imperative to bridge this gap and promote innovation in the academic sphere.
-Sudhirkumar Barai, Senior Professor, Department of Civil Engineering, Director, BITS Pilani, Pilani
Education Budget 2024: The interim Budget for 2024 can now be accessed in a ‘paperless form’ through the Union Budget Mobile App. This bilingual app, available in English and Hindi, can be easily downloaded on Android, iOS, or from the Union Budget Web Portal (www.indiabudget.gov.in). Provided by the government of India, this app will offer all essential Budget documents, including the Annual Financial Statement, Demand for Grants, and the Finance Bill as mandated by the Constitution. Following the conclusion of the Budget Speech, these documents will promptly be available on the Mobile App for convenient access.
Education Budget 2024: Finance Minister Nirmala Sitharaman’s Budget speech will be broadcast live on the official channels of Parliament, Sansad TV, and Doordarshan.
Education Budget 2024: Education holds pivotal significance in sculpting the destiny of a nation, underscoring the need for substantial resource allocation to establish a robust, inclusive education framework. Central to this endeavour is the imperative to revamp infrastructure across schools and universities, encompassing the construction and modernization of classrooms, libraries, laboratories, and ancillary educational amenities. Moreover, prioritising investments in technology and digital assets is paramount to furnish students with requisite proficiencies for navigating the swiftly evolving digital landscape. Equally vital is fostering avenues for continuous professional development among educators to refine their pedagogical approaches and stay abreast of contemporary educational paradigms. Augmented funding for scholarships and financial assistance initiatives stands poised to ensure equitable access to education, safeguarding against the exclusion of meritorious students on account of financial constraints.
-Maithili Tambe, CEO, The Academy School (TAS)